Gold Holds Near $4,375 as Markets Gauge Inflation and Fed Rate Decision

Gold remained largely unchanged around $4,375 an ounce as markets digested the Federal Reserve’s first interest-rate hike since 2023. The central bank voted unanimously to raise rates by a quarter of a percentage point at its September meeting, a step intended to bring inflation back to its 2% goal after more than five years of overshoot. Minneapolis Fed president Neel Kashkari said inflation is broadly high, not limited to oil-price effects, and other Fed presidents, including Austan Goolsbee and John Williams, are expected to address policy outlook later this week.

Meanwhile, oil prices steadied amid supply-risk concerns in the Middle East and diplomatic moves surrounding the US-Iran conflict, with President Donald Trump hinting at a possible meeting with Iran’s Masoud Pezeshkian at the UN General Assembly. The combination of elevated energy prices and geopolitical uncertainty is keeping bets on higher rates alive, which typically weighs on non-yielding assets like gold. Spot gold slipped 0.1% to $4,373.95, while silver rose slightly and precious-metal peers edged higher.